Apogee Therapeutics, Inc. remains a pre-revenue biotechnology company developing antibody-based therapies targeting immunological and respiratory diseases. In 2025, the company significantly increased R&D expenditure, driven largely by its lead candidate zumilokibart (APG777) and related programs, leading to a widening net loss of $255.8 million and negative operating cash flow of $227.5 million. Despite this, Apogee conducted multiple equity offerings in 2024-25, raising over $1 billion cumulatively to sustain operations, leaving it well-funded through 2028. The company’s future hinges on successful clinical milestones and regulatory approvals amid inherent biotech risks.